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Entered your 30s? Here are some of the best ways to save money


It takes a lot of time, discipline and knowledge to make smart financial decisions. Like many advertisements and TV commercials may claim, it doesn’t really happen overnight. First, you have to do your own research, list down your priorities and finally, select an option you believe will give you the best returns. All of this takes time.

But as soon as you turn thirty, the big 3 – 0, it is time to take charge of your life and your financial responsibilities. Whether you are planning to take a different career path, buy a new house, prepare for children or make a large investment, it is important you handle this monetary pivot in your life carefully as this will lay out the blueprint for what your finances will look like in the future. 

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To get you started, we have listed down a few ways that will help you save money in the long run. Let’s take a look:

1. Invest:

Your 30s are the best time to invest in the stock market, equities or PPF and start accruing assets for retirement. While investing in equity funds (like ELSS or company shares) is a bit more risky when compared to fixed income schemes like fixed deposits or PPF, they do have higher potential and you can make more money from them too.

2. Pay off your debts:

If you carry multiple credit cards and have pending balances in all of them, it is advisable to clear the highest-rate plastic first. Or, if you have taken a personal loan try to clear that as soon as possible. The psychological boost you’ll get from eliminating a loan entirely will give you the mojo to keep paying down debt one after the other. Once you have a clean slate, you can start focusing on your savings better.

3. Update your budget:

Your financial priorities will most likely change in your 30s. Food, housing, kids, medical expenses, etc. will evolve and require a different type of budgetary attention. Therefore, if you are still sticking with the budget plan you had curated in your 20s, it’s time to tweak it to fit your priorities and life today.

4. Buy health insurance:

You may be leading an extremely healthy lifestyle, but as we all know, life is unpredictable. If you haven’t already, invest in good health insurance today! Besides covering your medical expenses, a health savings account allows you to earn a tax deduction. This lets your money grow tax-free, as long as you use it for qualified expenses.

5. Plan for retirement:

if you have just stepped into your 30s, you may be wondering “isn’t it too early to start planning for a retirement now?” Well, it’s not. If you want to have a comfortable, safety net to fall back on, it’s time to make a minimum contribution towards it. Don’t wait for that promotion or more wiggle room in your budget. Like Nike says, JUST DO IT!

Once you step into your 30s the idea of retirement and other financial issues becomes a bit more ‘real’, so make calculated and informed decisions. This decade of your life can lead you towards a much more financially secured space. 



The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.